Gates Pledges Funds
For Satellite Venture

Investors led by Microsoft Corp. Chairman Bill Gates and private-equity firm Clayton, Dubilier & Rice are pledging $315 million for the satellite ventures of cellular-phone magnate Craig McCaw, who controls the ICO and Teledesic projects.

The new investments are the first installments on the additional $2.1 billion that Mr. McCaw has said he needs to begin ICO's telephone and data service by early 2003. They come at a time of deep investor distrust of satellite projects, following bankruptcy filings last year by ICO...